07.11.14
International Paper announced its board of directors has authorized management to acquire up to $1.5 billion of additional shares of the company’s common stock to supplement the $1.5 billion share repurchase program authorized in September 2013. The company intends to continue to repurchase such shares in open market repurchase transactions.
“Today’s $1.5 billion expansion of our share repurchase program reflects our continued confidence in International Paper’s strong, sustainable free cash flow generation,” said John Faraci, chairman and CEO. “International Paper continues to be committed to a disciplined capital allocation strategy that reflects the importance of cash returns and maximizing value to our shareowners.”
Also, the company declared a quarterly dividend of $0.35 per share for the period from July 1, 2014, to Sept. 30, 2014, inclusive, on its common stock, par value $1.00. This dividend is payable on Sept. 15, 2014, to holders of record at the close of business on Aug. 15, 2014.
In addition, the company declared a regular quarterly dividend of $1.00 per share for the period from July 1, 2014, to Sept. 30, 2014, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on Sept. 15, 2014, to holders of record at the close of business on Aug. 15, 2014.
“Today’s $1.5 billion expansion of our share repurchase program reflects our continued confidence in International Paper’s strong, sustainable free cash flow generation,” said John Faraci, chairman and CEO. “International Paper continues to be committed to a disciplined capital allocation strategy that reflects the importance of cash returns and maximizing value to our shareowners.”
Also, the company declared a quarterly dividend of $0.35 per share for the period from July 1, 2014, to Sept. 30, 2014, inclusive, on its common stock, par value $1.00. This dividend is payable on Sept. 15, 2014, to holders of record at the close of business on Aug. 15, 2014.
In addition, the company declared a regular quarterly dividend of $1.00 per share for the period from July 1, 2014, to Sept. 30, 2014, inclusive, on the cumulative $4.00 preferred stock of the company. This dividend is also payable on Sept. 15, 2014, to holders of record at the close of business on Aug. 15, 2014.